Kazakhstan

Kazakhstan Raises Interest Rates Amid Tenge Volatility: A New Economic Strategy

24 days ago

In a significant move to stabilize its economy, Kazakhstan's central bank has raised its key interest rate for the first time since 2022. This decision comes in response to a steep decline in the national currency, the tenge, which has faced unprecedented volatility amid various economic pressures. The central bank's action aims to curb rising inflation and restore confidence in the currency, which has been severely impacted by both external and internal factors.

Kazakhstan's Central Bank Makes Dollar Interventions as Economic Pressures Mount

25 days ago

In a decisive move reflecting the growing economic pressures within the nation, Kazakhstan's central bank has initiated interventions in the foreign exchange market, specifically targeting the US dollar. This marks the first time the bank has intervened since the onset of the Ukraine war, signaling heightened concerns about the stability of the tenge, Kazakhstan's national currency. Analysts and market observers are closely monitoring this development, which comes amidst a backdrop of increasing inflation and economic uncertainty.

Azerbaijan, Kazakhstan, and Uzbekistan Unite for Clean Energy Export Development

1 month ago

In a significant move towards sustainable energy, Azerbaijan, Kazakhstan, and Uzbekistan have announced a formal agreement to collaborate on the development of clean energy exports. The initiative aims to harness the potential of renewable energy resources in the region, which have gained increasing importance amidst the global shift towards less carbon-intensive energy sources.

Kazakhstan's Central Bank Hits Pause on Interest Rate Cuts Amid Rising Inflation Risks

2 months ago

The National Bank of Kazakhstan has announced a pause in its interest rate cuts, reflecting increasing concerns over inflation and a looming budget deficit. In a recent meeting, the central bank decided to maintain the benchmark interest rate at 16.75%. This decision marks a significant shift from previous rounds of rate cuts aimed at stimulating economic recovery in the wake of global financial challenges.

Kazakhstan's Uranium Mining Sector Set for a Transformative Deal with China

2 months ago

In a significant development for the uranium mining industry, a major Kazakh uranium miner is poised for a transformative investment deal with a Chinese company. On October 15, 2024, it was reported that shareholders of the Kazakhstan-focused company are gearing up to vote on a lucrative agreement that promises to reshape the landscape of uranium production in the country.

Kazakhstan Shows Support for Nuclear Energy in Landmark Referendum

3 months ago

In a definitive stride towards enhancing its energy infrastructure, Kazakhstan has demonstrated overwhelming public support for the construction of a nuclear power plant. This comes in the wake of a recent referendum where the majority of citizens expressed their favor, as evidenced by preliminary exit polls.